SAL Services Pvt Ltd (“Manager to the Offer”) on behalf of Mr. G. R. Surana, Mr. Shantilal Surana, Mr. Vijayraj Surana, Mr. Dineshchand Surana, Mrs. Chandanbala Surana, Mrs. Saraladevi Surana, Mrs. Alka Surana and Mrs. Vasantha Surana (“Acquirers”), has issued this Public Announcement (“PA”) to the shareholders of Surana Industries Ltd (“Target Company”) pursuant to and in Compliance with Regulation 11(1) and as required under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (“SEBI (SAST) Regulations, 1997”) and subsequent amendments thereto. The Acquirers are part of the promoter group.
The Offer:
The Acquirers intend to make an Open Offer in terms of the SEBI (SAST) Regulations 1997 to the shareholders of the Target Company to acquire upto 40,30,000 Equity Shares of Rs 10 each representing 20% of the total post conversion paid up Equity Share Capital of the Target Company at a consolidated offer price of Rs 154.60 (Rupees One Hundred Fifty Four and Paise Sixty Only) per fully paid up Equity Share (“Consolidated Offer Price”) payable in cash subject to the terms & conditions mentioned in the PA.
The Consolidated offer price of Rs 154.60 per fully paid Equity Share comprises of the Offer Price of Rs 150/- per fully paid up Equity Share and interest on the offer price @ 10% p.a. for 112 days, which works out to Rs 4.60 per fully paid up Equity Share of the Target Company in respect of the delay in issuing the PA. The interest has been calculated for delay beyond 90 days, in issuing the PA.
Schedule of Activities:
Specified Date – April 21, 2009
Date of Opening of the Offer – May 14, 2009
Date of Closing of the Offer – June 02, 2009